Vladimir Putin is keeping an open mind about cryptocurrencies; you could say he’s taking the middle road. Unlike China, the Russian president isn’t banning digital currencies. Still, he’s also not embracing them like El Salvador, which made Bitcoin a legal tender in the hopes of jolting its stagnant economy.
Putin Waves In Cryptocurrency Use
In an interview with CNBC, Putin asserted that cryptocurrencies have “the right to exist and can be used as a means of payment.” However, the Russian president made it clear that he’s not ready to allow crypto trading in the oil sector, the country’s major export, reasoning it was “too soon.”
Would Crypto Be Good for Russia?
Since 2014, when the United States slapped Russia with sanctions over its Crimea annexation, Putin’s nation has been searching for an alternative to the dollar.
Nevertheless, the pro-digital currency pronouncement was somewhat unexpected since the Bank of Russia has not exactly sung crypto’s praises in the past. The government-backed financial institution repeatedly sounded alarms about the market’s volatility.
So, Can I Buy Things With Bitcoin in Russia?
Not exactly. Yes, you can probably access online exchanges from Russian IPs, but don’t expect to pay for your lunch with it. Regardless, Russian Deputy Finance Minister Alexei Moiseev said the government wouldn’t be instituting blanket bans on digital currencies.
Does the United States Regulate the Crypto Market?
Currently, the US cryptocurrency landscape is a quilt of disparate regulations, rules, and laws. Federal lawmakers have yet to consider or ratify blockchain-related bills, and states have approached the market differently.
There’s been talk of an initiative that could lead to additional federal crypto regulations. Still, for now, the federal government views crypto as an asset property and expects businesses to comply with the appropriate SEC registration regulations.
Consult With a Cryptocurrency Lawyer
As early adopters, the Kelly Law Firm’s attorneys understand the crypto legal landscape. We assist clients with contracts, transaction matters, registration compliance, smart contracts, NFTs, and more. If you’re ready to speak with a cryptocurrency lawyer, get in touch today.
